Published: Fri, February 03, 2017
Markets | By Terence Owen

CBN's PMI report indicates economic decline in January

CBN's PMI report indicates economic decline in January

The January survey shows the fasted rate of job creation since last July, although manufacturers still experienced a rise in backlogs - the first in three months.

Local manufacturers reported an increase in new orders, buoyed by strong demand from China, Europe and the USA, although the pace of expansion eased slightly from December, the survey showed.

The purchasing managers index for the British manufacturing sector stood at 55.9 in January, financial information firm IHS Markit Ltd. said.

Despite the decline in manufacturing activity, however, the report showed that the production level index for the manufacturing sector grew for the second consecutive month, standing at 51.3 points, indicating a slower growth when compared to the 57.6 points in the month of December 2016.

IHS Markit has also forecast a 6.9% rise in GDP for FY16 and the same to accelerate to 7.4% in FY 2017.

Where to feast for Chinese New Year
Spending on Chinese payment cards is expected to be 40% higher than average for this time of year. The superstition is that if you start the year in the red, you'll likely end it that way too.

UN Concerned Over Escalation of Fighting in Eastern Ukraine - Deputy Spokesman
The press office of the Ukrainian military operation in the east reported an unspecified number of civilian casualties. Civilians are wounded as the fight between government troops and Russia-backed separatists escalates in Ukraine.

Sadio Mane remains a doubt for Liverpool's key Chelsea clash
Jurgen Klopp has revealed that Liverpool's attempts to fly Sadio Mane back early from the African Cup of Nations were denied. I spoke to him, it's all good so far.

The survey said that average purchase prices rose at its steepest rate in quarter-century history, driven by the weak sterling exchange rate and higher commodity costs.

A number of manufacturers said they were seeing rising sales to energy sector clients in particular, the report said, suggesting the hit to the economy from cheap oil prices was abating.

She said inflationary pressures represented a cloud on the horizon and "presented some risks to the resilience of the United Kingdom market later this year".

"Purchasing costs increased at the strongest rate for nearly eight-and-a-half years, as suppliers sought to pass on higher prices for commodities and imported construction materials". Capacity constraints will tend to put upward pressure on prices and curb the potential for higher output. And on the price front, higher input costs led Myanmar's goods producers to increase selling prices further.

The manufacturing sector in Taiwan continued to expand in January, although at a slower rate, the latest survey from Nikkei revealed on Thursday with a PMI score of 55.6.

Like this: